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Starting with August 20, Binance implemented new changes to its Know Your Customer (KYC) policy, now requiring all its users to complete the ‘Intermediate Verification’ process in order to access the full suite of Binance’s products and services, including cryptocurrency deposits, trades and withdrawals.
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By default, the currency on Binance.com is displayed in “USD”. Hence, if you’re living outside of the US, you need to convert “USD” to your own currency. That way, you can tell how much a cryptocurrency in your currency is worth (e.g. Bitcoin). For example, if you’re living in Singapore, it’s a good idea to change your currency from “USD” to “SGD”.
Cryptocurrency exchange platform Binance is integrating an intermediate verification stipulation for all users, adding to the startup’s know your customer (KYC) and anti-money laundering (AML).
About Binance. Binance is the world's leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume.
Binance USD has the backing of the largest crypto exchange and the approval of a crypto-stringent regulatory body. But, there are stablecoins such as Tether and USD Coin that offer more liquidity as their market cap is three times the size of Binance USD.
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All new users are required to complete [Verified] verification to access Binance products and service offerings, including cryptocurrency deposits, trades， and withdrawals. Existing users who haven’t completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only” with services limited to fund withdrawal, order cancelation, position close, and redemption.
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Binance is a cryptocurrency exchange platform. Users can trade Bitcoin, Ether, and more by either using their apps (available through the App Store, Google Play, or Android APK) or their computer desktop which can be downloaded for Mac or Windows. A relatively new company, Binance was founded in 2017 by Changpeng Zhao.
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Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access. Binance is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML).
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Binance accepts a wide range of currencies and makes it easy for you to buy crypto using USD , EUR, CNY, AUD, INR, RUB,and other fiat currencies. You can also use a wide range of accepted stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), and Tether (USDT)to buy crypto.
Follow the step-by-step manner to verify your Binance account. Step1 (Verification Process) Log in to your account on the website, and direct to the user’s account option. The option will be top right on your navigation bar. Under the user’s account option, the second option will be verification. Click on it.
To “further enhance user protection,” Binance will now require Intermediate Verification for all users. Binance’s blog described the policy change as part of a product and service review, “in light of evolving global compliance standards.” Binance CEO Changpeng Zhao recently admitted that he is spending almost all his time on compliance. promo
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With the trust from regulatory bodies and the world’s largest crypto exchange behind it, the Binance USD cryptocurrency started to make a name for itself. Since August 2020, it has steadily climbed up the cryptocurrency rankings, so that at the beginning of 2022 it was the 15th largest cryptocurrency by market capitalisation. at almost $15bn.